Where have you placed your estate planning documents? Many people tell me they keep these documents in their dresser drawer, “strong box,” or in a file cabinet. In California, if your original will cannot be found, it is “presumed revoked.” This means any or all of the directives in your will could be ignored and the persons to whom you wanted to distribute your estate could be disregarded. The original will must be kept in a safe and known place to be submitted to a Court in a probate proceeding, if necessary. This same precautionary measure applies to your Powers of Attorney. Your agent cannot act on your behalf if the original documents cannot be found.
The digital age is adding a new dimension to information survivors need to administer an estate. If you have not left instructions on unraveling your electronic accounts, you should consider creating a list of passwords and security codes to place with your estate documents. If you do not, internet-based companies can require the estate representative obtain a court order granting access to these records, which is a lengthy and expensive process.
We have also encountered instances where people have placed their estate planning documents in their safe deposit box, but have not named an additional party as having the ability to access the safe deposit box in an emergency. If your agent cannot obtain the original document from its place of safe-keeping, it will be of no value when needed. Most institutions will require any person who wishes to gain access to your box sign a “signature card.” This requires a personal appearance at the bank, but it is well worth it in an emergency.
So, if you’re just beginning the steps to plan for the distribution of your worldly goods, here is a roadmap of the process:
1. Select an attorney.
2. Decide on the type of estate plan that will best fit your needs.
3. Store the original documents with a list of passwords and security codes in a safe place.
4. Notify those concerned of its location.
5. Set-up access to it for your agent as necessary.
Wherever you store your documents, remember to tell people you trust where these documents are located.
Ms. MacDonald’s practice is limited to Estate Planning, Trust Administration, Probate and Elder Law. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 27013 Langside Avenue, Suite A, Santa Clarita, California. She can be reached at 661-251-1300.